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9 months ago

The Trouble with Growth

RUWZO1

Contents

Contents Acknowledgments. ............................................................................................. 4 Letter from Paul Grogan. ....................................................................................... 5 Executive Summary. ........................................................................................... 7 CHAPTER ONE Introduction. ................................................................................. 13 CHAPTER TWO Home Sales, Housing Production and Foreclosures in Greater Boston. ......................... 23 CHAPTER THREE Home Prices and Rents in Greater Boston. .................................................... 40 CHAPTER FOUR Family Homelessness, Housing Insecurity and Children’s Need for Social Stability. ............. 52 CHAPTER FIVE Public Policy and Public Spending on Housing in the Commonwealth. .......................... 62 CHAPTER SIX Summary and Conclusions. ................................................................... 74 Endnotes ..................................................................................................... 80 Appendix. .................................................................................................... 86 LIST OF FIGURES AND TABLES FIGURE 1.1 Growth in Real Output, Massachusetts vs. U.S., 2009–2016 Q2. ............................................... 13 FIGURE 1.2 Total Non-Farm Employment Seasonally Adjusted, Massachusetts, 2008–2016 (June) . ............................. 14 FIGURE 1.3 Massachusetts Civilian Unemployment Rate, 2009–2016 (June) ............................................... 14 FIGURE 1.4 Real Average Weekly Wage, Private Industry, Massachusetts, 2001–2015 Q3 (Real 2015 $). .......................... 15 TABLE 1.1 Inflation-Adjusted Hourly Wage Distribution, Massachusetts, 2009–2015. ....................................... 15 FIGURE 1.5 Five-County Greater Boston Total Non-Farm Employment, 2008–2015 (December). ............................... 16 TABLE 1.2 Population Statistics. ................................................................................ 16 TABLE 1.3 Demographic Profile of the Five-County Greater Boston Region. .............................................. 17 TABLE 1.4 Housing-Cost Burden, Greater Boston. .................................................................. 18 FIGURE 1.6 Greater Boston Population, 1970–2010, 2010–2030 Projected. ................................................. 18 TABLE 1.5 Projected Growth in the Population and Labor Force, Greater Boston, 2010–2030. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .19 TABLE 1.6 Projected Number of Households in Greater Boston. ....................................................... 19 FIGURE 1.7 Greater Boston Projected Population Growth by Age Cohort, 2010–2030. ....................................... 19 TABLE 1.7A Poverty and Adjusted Poverty Rates for Greater Boston, 2014 (Families). ....................................... 20 TABLE 1.7B Poverty and Adjusted Poverty Rates for Greater Boston, 2014 (Married Couple Families). .......................... 20 The Greater Boston Housing Report Card 2016 | 1

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